Aircraft Avionics Market Size and Forecasts, Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Avionics Type; Aircraft Type

The aircraft avionics market size is expected US$ 41.23 billion in 2022 and is expected to reach US$ 69.60 billion by 2030. The aircraft avionics market is estimated to record a CAGR of 6.8% from 2022 to 2030.

Avionics are one of the main operational components that are required to operate the aircraft and provide support in performing various types of flight activities such as navigation, communication, flight power management, fuel management, weather monitoring, and others. Further, the demand for avionics in the aerospace industry is mainly driven by some of the major factors that include rising aircraft production due to highly increasing passenger traffic. This is generating the demand for new aircraft models including narrow-body and wide-body aircraft from the airlines to cater to a greater number of passengers. For this, different airlines have been putting orders for new aircraft models from the aircraft OEMs. Such factors have been driving the aircraft avionics market growth across different regions.

Two of the major OEMs including Boeing and Airbus have also shown a strong growth in the delivery of commercial and military aircraft models for the coming years. For instance, according to the Airbus Global Market Forecast, more than 40,850 aircraft are expected to be delivered during 2023 to 2042 wherein around 23,680 aircraft are expected to be considered as new addition in the existing fleet and around 12,170 aircraft are expected to replace the older fleet of aircraft across different regions. Similarly, according to the Boeing Commercial Outlook of 2023, more than 42,595 commercial aircraft are expected to be delivered during 2023 to 2042. The growth in aircraft deliveries is also indirectly proportional to the growth in demand for low cost carrier flights across different regions which is expected to show 2.5 times growth by the end of 2042. Such factors are driving the growth of aircraft avionics market size globally.

Another major factor supporting the growth in global aircraft fleet includes constant growth in month-on-month aircraft deliveries by the major aircraft OEMS. For instance, in September 2023, two of the major aircraft OEMs i.e., Boeing and Airbus delivered 27 and 55 commercial aircraft to different customers respectively. Similarly, in October 2023, Boeing and Airbus delivered around 34 and 71 commercial aircraft respectively. Further, in November 2023, the Boeing and Airbus delivered around 56 and 64 commercial aircraft respectively to different regions. Such growth in the deliveries of commercial aircraft is generating new opportunities for aircraft avionics market vendors and is likely to show strong growth in the coming years in the global aircraft avionics market size.

The global aircraft avionics market is segmented based on avionics type, aircraft type, and geography. Based on avionics type, the aircraft avionics market is segmented into navigation systems, communication systems, power & flight management systems, weather monitoring system, electronic flight display, and others. In terms of aircraft type, the aircraft avionics market is segmented into commercial aircraft and military aircraft. In terms of geography, the global aircraft avionics market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).

L3Harris Technologies Inc, Raytheon Technologies Corporation, Curtiss-Wright Corporation, Honeywell International Inc, General Electric Company, Safran SA, BAE Systems Plc, Moog Inc, Meggitt Plc, and Garmin Ltd are among the key aircraft avionics market players that are profiled in this market study.

The overall aircraft avionics market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the aircraft avionics market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the aircraft avionics market.